Johnson & Johnson to buy Crucell
J&J is in advanced plans to acquire the Dutch vaccine producer for $2.3 billion.
By Joseph Woelfel, TheStreet
Johnson & Johnson (JNJ) is in advanced talks to buy Crucell (CRXL), the Dutch biotech company.
J&J, which already owns 17.9% of Crucell, would acquire the rest for 1.75 billion euros ($2.3 billion), or 24.75 euros a share, in cash.
Crucell closed Thursday at 15.70 euros, making the intended offer a 58% premium.
Crucell makes vaccines and sells a line of cells widely used as a platform for developing vaccines.
The boards of J&J and Crucell have authorized the companies to proceed with the talks for a potential transaction.
The companies expect that Crucell's strength in the manufacturing, discovery and commercialization of vaccines would create a strong platform for J&J in vaccines, the companies said in a statement Friday.
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